Budget 2024: Reforms flow to put wind in shipping industry's sails

India's sweeping shipping reforms aim to create jobs and remove customs duties on vessel components and warship spare parts. Supported by Nirmala Sitharaman and Sarbananda Sonowal under Maritime India Vision 2047, they include leasing, cruise tourism, tax exemptions, simpler foreign shipping company tax regimes, IFSCA links, and addressing low overseas cargo share through shipbuilding repairs and a presumptive taxation regime.